Going deeper on Digital Photography

If you choose to save images in RAW format, you should expose to capture maximum information: to maintain as much highlight and shadow detail as possible, even if the middle tones aren't what you want in the final print. You should strive to capture all highlights except for bright light sources and specular reflections. You should expose enough to capture detail in large shadow areas. I mostly agree with the Luminous-Landscape.com article, Expose (to the) Right, which recommends setting the exposure to the maximum value that doesn't burn out highlights. (This applies only to images saved in RAW format.) However I wouldn't go too far. A little margin doesn't hurt; there are plenty of levels in 12-bit A-to-D converters. In extreme situations, you may want to make two exposures and combine them.